The Hindu : Tamil Nadu / Chennai News : Builder held for cheating bank

Online edition of India's National Newspaper
Thursday, Dec 06, 2007
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Tamil Nadu

Tamil Nadu - Chennai

Builder held for cheating bank

Staff Reporter

CHENNAI: A builder has been arrested on charges of cheating a public sector bank and a housing finance company to the tune of Rs. 21 lakh by submitting forged documents.

Following a complaint received from the Punjab National Bank authorities, Commissioner of Police G. Nanchil Kumaran directed the Central Crime Branch police to register a case.

Investigations revealed that the builder whose name was given as V. Sankaran (39), an engineer of Ullagaram, Madipakkam, had been in the business of promoting residential apartments. He had proposed to construct an apartment consisting of nine flats in Kongu Nagar, Mogappair.

He allegedly sold the nine flats to 18 persons using forged documents and subsequently obtained loans from the bank’s Tiruvanmiyur and Abiramapuram branches and an arm of the Life Insurance Corporation. After registering a case, police produced the accused in a city court, which remanded him to judicial custody.

Mr Nanchil Kumaran said that the public should inspect the documents pertaining to the property that they intend to purchase and check for the undivided share of the land before making a purchase. Bankers should also ensure that the documents submitted by borrowers are intact.

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